Buying a flat - do you focus on what you need "right now" or do you think about the future?

Spikeygran

I'd say if all checks out with solictors etc just buy it. You may as well be comfortable, and happy now in a flat you like. It sounds as if its going to make life easier with getting to and from work.

If things change in the future deal with it then, there are too many variable to worry about what might happen.

Rian

If it's leasehold and you plan to sell one day the things you want to check are:

• Length on the lease, how long will be left when you come to sell?
• Ground rent is not over £250 and there isn't any clauses in there like a doubling ground rent clause etc. Ideally if possible you want it capped at 0.1% of the property value as this is what a lot of lenders want it below. (Eg flat is 200k, ground rent £200 or less)
• Check who manages the building, if it's a company check their reviews (some are shocking and charge high fees)
• Ensure your service charge is not excessive, ask your solicitor to get the seller to give them the last few years of statements so you can see what true costs there were. It's not usual to get annual estimated service charge and then at year end they ask for whatever is needed to cover the year.

Your solicitor should do most of the heavy lifting legally. Exciting times ahead! Good luck!

goldfinches

I did exactly this when I downsized after both my children left home and I moved into the centre of Oxford. I deliberately compromised on space so as to have a good location with easy access to my work and to the leisure amenities I knew I wanted.

I have a few small niggles with the block management but overall I would make the same decision again. My life has been very different from how I envisaged it would be because I became chronically ill quite soon after I moved here but being ill is still easier to manage living here than in my previous home because I'm so close to my GP and all the hospitals not to mention shops etc. I also found that I didn't need a car so now I have an electric bicycle which is so much easier and cheaper.

The one thing I regret is that I can't really invite more than 2 people to visit at once because there simply isn't space for extra dining chairs so I've got very good at meeting people and sort of semi-hosting at nice locations outside my home. And, in the summer, I can invite people over to socialise in the garden but carrying everything up and down four flights of stairs is a pain and then if someone needs the loo they have to trek upstairs too so it's better to go somewhere else with a packed picnic and pretend you're at Glyndebourne really.

My flat is a small one bedroom with a separate kitchen and sitting room and I'm on the top floor of my block which I think is an advantage with regards to neighbour noise. I worried about fitting in furniture before I moved but found that there are lots of ranges aimed at people living in small spaces so that has never been a problem. I also have quite a lot of built in storage which is useful but I still have to be quite careful not to fill up cupboards and to regularly sort through what I'm keeping. Every year I say to myself that I will not fill up the wardrobe and the cupboards again and every spring I have to have a massive declutter so, if you can, I recommend following Marie Kondo's methods and minimising.

All in all, providing the financial and legal aspects are manageable for you, I would say buy the flat and enjoy living there.

Spikeygran

I think ground rent has been capped though I'm not sure which date it applies from:

https://www.gov.uk/government/news/pm-were-capping-ground-rents-at-250

Murphybear

You never know what the future may hold.

I bought an ex council flat in London for a good price but a couple of years later had a major accident and couldn’t work for a long while. I sold the flat and moved in with my BFF 😿

My brother developed Alzheimer’s and is in a care home. Last year his wife had a stroke and died 3 days later. I’m trying to sort their house out then sell it, it’s a nightmare 🙀

Obviously these events were unusual but you don’t know what’s going to happen so I would buy the property that suits you now.

RelievedSheff

Location is the one thing that you definitely can not change about a property. It sounds like this one is ideally located for you which is a major plus point.

If you are considering buying it based on location then when/if you come to sell there will be others like you who are willing to do the same. It will just be a smaller pool of buyers with it being a smaller property so may take a little longer but there will be someone out there it.

clairec666

Thanks all

https://forums.moneysavingexpert.com/discussion/comment/81914940#Comment_81914940

There is a doubling clause but it's every 25 years, so another thing that's not a problem for my immediate future but might be further down the line. Service charges are very reasonable. I'm doing my homework on leasehold reforms to see how this could affect me.

https://forums.moneysavingexpert.com/discussion/comment/81915037#Comment_81915037

Sounds like we have the same priorities. Good idea about the picnic.

Yorkie1

If the service charges are very reasonable, you might want to ask about any sinking funds - e.g. for when the roof or any lifts need repairing or replacing. It may be that there isn't much put aside for the large projects, which could lead to a bigger bill at an unexpected point.

Ask if there are any major anticipated expenditures within the next 5 years, perhaps.

twopenny

I bought a small place to do up and move on quickly. Then the pandemic and difficulty getting it finished.

Turned out to be 90% suited to me . Great neighbours, quiet, sun streams in front and back. Wildlife, stars, hear the sea but a few minutes from town or the beach. This makes it very saleable even though tiny.

I've looked for bigger but so many don't have these attributes. Sounds to me like it's a good deal. Easy to get to work, easy to clean, less furnishings to buy. More of a life for you.

Others will be looking for the same.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81916561#Comment_81916561

Thanks. I've asked about sinking funds (haven't heard back yet), but I do know that the roof had work done within the last 5 years, and there's no lift. Only communal area is the stairwell which looks in good condition. As the flat is towards the top end of my budget, my emergency savings fund is going to be on the small side, still enough to cover any unexpected bills but obviously I'd rather avoid this if possible.

https://forums.moneysavingexpert.com/discussion/comment/81916599#Comment_81916599

Sounds like circumstances worked out well for you - your place sounds lovely.

My only real concern was that my housing wants/needs are a bit unusual and there wouldn't be many people interested in the same kind of property (it's one of very few flats in a "family house" kind of area, and as I've mentioned before, only suitable for single people, not couples) but you're right, there will be more people like me out there, even if there aren't as many of them, someone should come along.